The principal regulator of broker-dealers announced a “comprehensive initiative” to improve consumer protection in the municipal bond market, starting with a series of “sweeps” that will scrutinize current sales practices.
A proposal being considered by the administration to create a financial products safety commission risks cutting across existing regulators and creating duplication, a top regulator said.
The database that lets investors check up on previous infractions by their broker-dealer will now be expanded to keep these records on file even after the individual has left the securities industry, the Financial Industry Regulatory Authority (FINRA) announced.
